BNP Paribas REIM and CDC Investissement Immobilier have joined forces to buy a new 16,000 m2 office building in Brussels in a share deal of an undisclosed amount.
The complex, known as Tweed, was bought from AG Real Estate & Macan Laine Holding. BNP Paribas REIM made the purchase on behalf of its Next Estate Income Fund III (NEIF III) while CDC bought the asset on behalf of the Caisse des Dépôts.
Located in the Pentagon district, near the Palace of Justice and the Boulevard of Waterloo, in the center of Brussels, the complex completed in the 3rd quarter of 2021 and is targeting a BREEAM excellent certification. The property is currently over 90% occupied by four tenants: DLA Piper, Spaces, Stepstone & Immoweb, and Société d'Investissement Régionale de Bruxelles, with a weighted average lease break) of over ten years.
Next Estate Income Fund III is a European open-ended fund managed by BNP Paribas REIM, which offers international institutional investors diversification in the office sector in the Eurozone countries with a target annual return of 4% and a focus on sustainable development.
Dorothea Koestler, fund manager of BNP Paribas REIM, commented: ‘This acquisition highlights the ability of BNP Paribas REIM to offer investment opportunities, including joint ventures, to institutional investors alongside our institutional funds, as part of long-term partnerships.’
CDC Investissement Immobilier said: ‘This joint venture acquisition with a long-term partner is perfectly representative of our international real estate strategy, flexible in terms of risk profile (from core / core + to value-add), but focused on undisputed positions. in the center of large European cities and on assets with the most recent standards (at the time of acquisition or after a renovation if necessary). ‘
BNP Paribas REIM and CDC Investissement Immobilier were advised in this transaction by Loyens & Loeff, Cushman & Wakefield, ProGroup and EY.
